Yesterday (03.02.2012) at 10:42 to 10:47 UTC there was an minor dike intrusion into Bárðarbunga volcano. Based on the earthquake activity and the depth that they where on. It seems that they did not go close to the surface. Based on the earthquake pattern, the dike intrusion did only go up to the depth of 12 km. But this dike intrusion did rise up from the depth of 22 km.
It is hard to know what this means. But it is for sure an clear sign of more activity in Bárðarbunga volcano. But this is no clear sign that an eruption might be about to take place in the nearby future.
Yesterday (03.02.2012) there was an earthquake swarm deep south of Iceland. This earthquake swarm was located on the Reykjanes Ridge. It is impossible to know for sure what was going on at this location due to distance from land. But the average distance of this earthquake swarm is about 450 km south of Eldeyjarboða on the Reykjanes Ridge. The recorded size of this earthquake swarm was from ML3.1 to ML3.3. But that is most likely an underestimate of the earthquake size due to distance from the SIL network.
Other then this it has been quiet in Iceland. But that has more to due with storms and bad weather. But it has also been quiet in Iceland during the past few weeks. It might continue like that for some time now. When this ends is impossible to know for sure.